Main reasons to start your Chalfont St Peter lease extension

Main reasons to start your Chalfont St Peter lease extension today:

A Chalfont St Peter lease depreciates with the years remaining on the lease.

Unfortunately that a Chalfont St Peter residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Chalfont St Peter property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If lease term dips below 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Chalfont St Peter will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.

Chalfont St Peter property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Lenders are making their criteria more stringent and many now want flats to have at least sixty if not seventy years left once the mortgage has expired. Given that a number of flats in Chalfont St Peter were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Chalfont St Peter lease extensions?

Retaining our service gives you enhanced control over the value of your Chalfont St Peter leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chalfont St Peter Lease Extension Example Cases:

Liam, Chalfont St Peter, Buckinghamshire

Twenty four months ago Liam, started to get close to the 80-year mark with the lease on his one bedroom flat in Chalfont St Peter. In buying his property two decades ago, the length of the lease was of minimal concern. Fortunately, he became aware that he needed to take action soon on Extending the lease. Liam was able to extend his lease at the eleventh hour last September. Liam and the freeholder via the management company eventually settled on the final figure of £6,000 . If the lease had gone lower than eighty years, the premium would have gone up by at least £975.

Chalfont St Peter case:

Last Summer we were approach by Dr R Brooks , who owned a purpose-built flat in Chalfont St Peter in April 2005. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Chalfont St Peter with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected per annum. The lease concluded on 18 February 2079. Having 53 years as a residual term we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including fees.